In a fateful twist of events, UK drill rapper Russ Millions‘ $MILLION meme coin cratered 99% just hours after launch. It began as a ‘social experiment’ that quickly turned into a stark reminder of the dangers of celebrity-backed cryptocurrencies.

Find out more about the $MILLION meme coin crash.

Key-Takeaways:

• In 12 hours, the $MILLION meme coin crashed 99%, and the celebrity-backed cryptocurrencies are a very dangerous game. However, despite the efforts of Russ Millions, the project was to be without long-term value.
• Its collapse was predicted by a slew of warning signs, including vague promises and the use of derogatory labels such as the “social experiment.” This is an example of why celebrity tokens should be better regulated.

The Rise and Fall of $MILLION

UK drill rapper Russ Millions’ token, MILLION, crashed 99 percent in 12 hours as the token world was shaken by the $MILLION meme coin crash. Investors have been stunned by the rapid drop from $1 million market cap to $31,000.

The project launched on January 1, 2025, and began as a kind of social experiment before turning into a warning story. The sustainability and market risks of celebrity-backed cryptocurrencies are raising ongoing concerns.

Coming so soon after the dramatic crash has reignited debates around the role of celebrities in digital assets. The questions about whether such projects are even viable in the long term are growing as investors reel.

The $MILLION token made a splash on social media, earning the notice of major influencers such as Crypto Rover and Mister Crypto. Russ Millions burnt his entire 153 million token allocation in an attempt to build credibility and allay fears of a rug pull.

But even these attempts weren’t capable of saving the token after almost full collapse in the first 12 hours of trading. The volatility and risk involved with new meme coins have further been shown with their rapid crash.

It started to look like a good sign of things to come, then turned into a warning to investors. The $MILLION meme coin crash raises lots of questions about the future of celebrity-backed digital assets.

Russ Millions was so confident that investors would ‘all become millionaires’ with the $MILLION project, he even made the bold headlining claim. High-profile endorsements combined with an explosion of enthusiasm from this drew the token to its peak.

But the chaotic crash that followed highlighted the boom-bust nature of meme coins, which include many that tied themselves to celebrities with scant experience with cryptocurrency. Investors swiftly took to the new swing and found that the market truly was an unpredictable beast.

Warning Signs and Missed Red Flags

Investors quickly realized exactly what they were getting into before the $MILLION meme coin crash. When the project was classified as ‘a’social experiment’ it caused skepticism from many who fear it was a ‘disclaimer’ to avoid future accountability.

Meanwhile, the promised incentives—like a 1,000 SOL airdrop, funding a song for a $3 million market cap, and so on—felt more calculated to keep the short-term hype burning. The tactics were a concern because they were designed to throw off buzz rather than build true value for investors.

Since the project was missing the solid foundation of long-term growth, its combination of too vague promises and temporary rewards showed that it was not impossible. The community was very scared it was more about the hype for the cryptocurrency and less about creating a sustainable currency.

These early warning signs, as the value of the token plummeted, proved to be accurate, and investors asked whether the launch was really about the token or something else. 

Early critical observers on social media platform X expressed concerns that the $MILLION token would lead to another celebrity-backed launch like others who failed recently. The parallels illuminated one of the risks of investing in tokens based on high-profile people who aren’t necessarily experts on cryptocurrencies.

These warnings were fueled even more by Hailey Welch’s $Hawk token revolving scandal in the recent past, where its token was accused of being subject to insider trading. And it was a reminder that the dangers are real when influencers get involved in the cryptocurrency projects and have little to no transparency or regulations.

We all know how this story turns out

— Triceratops (@0xTriceratops) January 1, 2025

The $MILLION meme coin crash has dulled confidence in celebrity-backed tokens. That has increased skepticism of their long-term viability.  

The crash was not prevented despite Russ Millions promising ‘HUGE plans’ and merchandise. Failure of $MILLION shows that crypto projects led by influencers are risky.

Conclusion

An obvious lesson to take away from the $MILLION meme coin crash is that celebrity-backed cryptocurrencies need better observation and more regulation. It’s a lesson that high profile backing and lots of promises don’t necessarily equal success or legitimacy.